I am extremely enthusiastic about this acquisition and what it represents for our customers, clients, employees, and the communities in which we operate."ĭon Berman will continue to oversee the CardWorks business lines as part of Ally and will join Ally's Board of Directors and executive management team following closing.Īlly Financial Inc. "Ally is complementary to all of our existing consumer finance business lines, including our credit card and recreational lending businesses, as well as our merchant acquiring, third-party loan servicing, and recovery businesses. "The combination of CardWorks and Ally presents a tremendous opportunity for innovation, while we maintain a strong focus on our mission – which is to delight our clients and customers" said CardWorks Founder, Chairman and Chief Executive Officer Don Berman.
Under the terms of the agreement, Merrick Bank, a wholly owned subsidiary of CardWorks, Inc., will merge into Ally Bank. merchant acquirer, the roadmap includes expanding Ally's product offerings in the non-prime segment, as well as enhancing their direct bank deposit and consumer product platform, and third-party servicing and recovery capabilities. As a leading non-prime credit card and consumer finance provider with servicing capabilities across the credit spectrum, a top-20 U.S.
This combination will provide customers with a comprehensive suite of compelling secured and unsecured banking products.ĬardWorks is a privately held company headquartered in Woodbury, NY with facilities in Florida, Pennsylvania and Utah. The closing will bring together two customer-obsessed companies that are focused on "Doing it Right", with a shared common vision and aligned cultural values.
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